Crown Resorts Approved to Open Sydney Casino After Major Overhaul

Crown Resorts plans to open its AU $2.2 billion (US $1.5 billion) casino in Sydney. The company finished building the facility, which overlooks Sydney Harbor, in December 2020 but has been unable to operate its casino owing to New South Wales (NSW) government restrictions. The NSW Independent Liquor & Gaming Authority (ILGA) has permitted the casino resort to provide gaming on a limited basis for the next 18–24 months.

The commission believes Crown has reached a position where it can now provide gaming due to the firm's reforms over the last year. On Wednesday, ILGA chairman Philip Crawford of Crown Sydney stated, "Crown has reinvented its gaming strategy from the bottom up, which has included profound structural transformation surrounding governance, anti-money laundering procedures, and corporate culture." The ILGA will rigorously monitor any modifications at Crown Sydney throughout the probationary term to assure their continuance.

Crown is currently a privately owned corporation after being acquired by US private equity firm Blackstone for AU $8.9 billion (US $6.1 billion). The NSW government also unveiled proposals to revamp the region's casino regulations on Wednesday. One suggestion is to establish an Independent Casino Commission with broad enforcement and compliance authority. The changes prohibit casinos from collaborating with junket companies and impose stricter reporting requirements for any suspect conduct. Similar changes are reportedly also coming to Western Australia, where Crown Resorts runs the only casino in the region.